KY Real Estate Law - PSI Practice
Exam |138 Q’s with Solutions
An action for recovery from the Kentucky Real Estate Education, Research,
and Recovery Fund MUST be commenced within how many years from actual
knowledge of the cause of action or the time when circumstances would
reasonably have put the aggrieved party on notice of the cause of action? - -
2 Years
- The Kentucky Real Estate Commission is responsible for what? - -
Protecting the public interest through regulations, examinations and
licensing of KY real estate licensees.
- Broker - -Any person who is licensed under the KY Statutes and performs
acts of real estate brokerage.
- A sales associate may manage an office branch if... - -- they have 2 yr
experience
- they average 20 hours per week for 1 year
- the office is within 100 miles of the main branch
- Referral Fee - -A broker may pay to another outside of KY for referring a
client to the KY broker.
- A person engaging in real estate w/o a license will be guilty of... - -- 1st
offense misdemeanor
- all others will be a class B Felony
- 6 exceptions on who can perform brokerage activities. - --
owner/leaser/employee
- attorney in fact
- attorney at law
- receiver, trustee, admin, or executor
- someone under the supervision of the broker
- property management: regular employee or person given a rental unit
- Hours required for pre-license in KY? - -96
- Applicants must be how old for a license? - -18
- How many days do you have to apply for a license after passing the exam?
- -60
- When do you request a copy of you record? - -Before the exam
, - All licensees shall comply with what in KY? - -Laws and regulations
- All licensees must renew their license by what date each year? - -March
31st
- How many days do you have to notify the commission after moving to a
new home? - -10
- How many days do you have to turn in your criminal record to the
commission if it comes back with a felony or misdemeanor? - -5
- How many hours of PLE (post-license education) do you have to have? As
of when? - -- 14 hours
- Jan 2016
- What is "Grandfather Clause"? - -- If you got your license prior to 1976 you
do not have to do continuing education
- How many hours per year of continuing education is required? - -6
- Your certificate of completion for each course must say they were
completed by what date each year? - -December 31st
- You do not have to have continuing education if... - -Your license is in
escrow
- What is the fine for not completing continuing education by Dec. 31st? - -
$500
- If you failed to do continuing education in time you can do what? - -File for
a delinquency plan
- If you fail to take continuing education, what must you do?
What will happen if you do not? - -- put your license in escrow
- file a delinquency plan
- It will be canceled
- What is the fine for not completing continuing education on time? - -$200
- What must be done if you transfer to another brokerage or you change
your surname? - -written notice must be given to the commission
Exam |138 Q’s with Solutions
An action for recovery from the Kentucky Real Estate Education, Research,
and Recovery Fund MUST be commenced within how many years from actual
knowledge of the cause of action or the time when circumstances would
reasonably have put the aggrieved party on notice of the cause of action? - -
2 Years
- The Kentucky Real Estate Commission is responsible for what? - -
Protecting the public interest through regulations, examinations and
licensing of KY real estate licensees.
- Broker - -Any person who is licensed under the KY Statutes and performs
acts of real estate brokerage.
- A sales associate may manage an office branch if... - -- they have 2 yr
experience
- they average 20 hours per week for 1 year
- the office is within 100 miles of the main branch
- Referral Fee - -A broker may pay to another outside of KY for referring a
client to the KY broker.
- A person engaging in real estate w/o a license will be guilty of... - -- 1st
offense misdemeanor
- all others will be a class B Felony
- 6 exceptions on who can perform brokerage activities. - --
owner/leaser/employee
- attorney in fact
- attorney at law
- receiver, trustee, admin, or executor
- someone under the supervision of the broker
- property management: regular employee or person given a rental unit
- Hours required for pre-license in KY? - -96
- Applicants must be how old for a license? - -18
- How many days do you have to apply for a license after passing the exam?
- -60
- When do you request a copy of you record? - -Before the exam
, - All licensees shall comply with what in KY? - -Laws and regulations
- All licensees must renew their license by what date each year? - -March
31st
- How many days do you have to notify the commission after moving to a
new home? - -10
- How many days do you have to turn in your criminal record to the
commission if it comes back with a felony or misdemeanor? - -5
- How many hours of PLE (post-license education) do you have to have? As
of when? - -- 14 hours
- Jan 2016
- What is "Grandfather Clause"? - -- If you got your license prior to 1976 you
do not have to do continuing education
- How many hours per year of continuing education is required? - -6
- Your certificate of completion for each course must say they were
completed by what date each year? - -December 31st
- You do not have to have continuing education if... - -Your license is in
escrow
- What is the fine for not completing continuing education by Dec. 31st? - -
$500
- If you failed to do continuing education in time you can do what? - -File for
a delinquency plan
- If you fail to take continuing education, what must you do?
What will happen if you do not? - -- put your license in escrow
- file a delinquency plan
- It will be canceled
- What is the fine for not completing continuing education on time? - -$200
- What must be done if you transfer to another brokerage or you change
your surname? - -written notice must be given to the commission
